Exhibit 99.1
HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN
Financial Statements and Supplemental Schedule
As of and for the years ended December 31, 2007 and 2006
TABLE OF CONTENTS
         
    Page  
Audited Financial Statements
       
 
       
Report of Independent Registered Public Accounting Firm
    5  
 
       
Statements of Net Assets Available for Benefits, December 31, 2007 and 2006
    6  
 
       
Statements of Changes in Net Assets Available for Benefits For the Years Ended December 31, 2007 and 2006
    7  
 
       
Notes to Financial Statements
    8  
 
       
Supplemental Schedule
       
 
       
Schedule H, Line 4i — Schedule of Assets (Held at End of Year),
December 31, 2007
    13  

4


 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Pension Review Committee of the Board of Directors of
Huntington Bancshares Incorporated and Plan Participants of the
Huntington Investment and Tax Savings Plan
Columbus, Ohio
We have audited the accompanying statements of net assets available for benefits of the Huntington Investment and Tax Savings Plan (the “Plan”) as of December 31, 2007 and 2006, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2007 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. Such supplemental schedule has been subjected to the auditing procedures applied in our audit of the basic 2007 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP

June 30, 2008

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HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
                 
    December 31,
(Amounts in dollars)   2007   2006
 
ASSETS
               
 
               
Investments, at market value:
               
Huntington Bancshares Incorporated Common Stock
  $ 97,330,482     $ 159,356,387  
 
               
Mutual Funds
    261,803,242       228,385,699  
 
               
Participant Notes Receivable
    51,892       92,383  
 
 
               
Total Investments
    359,185,616       387,834,469  
 
               
Accrued dividends, interest receivable, and other assets
    1,863,276       1,793,175  
 
 
               
TOTAL ASSETS
    361,048,892       389,627,644  
 
 
               
LIABILITIES
               
 
               
Dividends payable to Plan participants
    477,017       483,455  
 
 
               
NET ASSETS AVAILABLE FOR BENEFITS
  $ 360,571,875     $ 389,144,189  
 
See notes to financial statements.

6


 

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
                 
    Years Ended December 31,
(Amounts in dollars)   2007   2006
 
ADDITIONS
               
                 
Investment income:
               
Dividends on Huntington Bancshares
               
Incorporated Common Stock
  $ 7,003,780     $ 6,981,518  
Dividends on mutual funds
    20,958,301       12,854,366  
Interest
    751,461       638,100  
 
 
    28,713,542       20,473,984  
 
               
Net (depreciation) appreciation in fair value of investments
    (59,117,875 )     9,510,061  
 
               
Contributions:
               
Employees
    28,250,433       29,396,101  
Employer
    12,787,560       10,128,765  
 
 
    41,037,993       39,524,866  
 
               
Total Additions
    10,633,660       69,508,911  
 
 
               
DEDUCTIONS
               
                 
Benefit distributions and other withdrawals
    39,205,974       38,707,974  
 
 
               
Total Deductions
    39,205,974       38,707,974  
 
 
               
Net (decrease) increase in net assets available for benefits
    (28,572,314 )     30,800,937  
 
               
Net assets available for benefits at beginning of year
    389,144,189       358,343,252  
 
 
               
NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR
  $ 360,571,875     $ 389,144,189  
 
See notes to financial statements.

7


 

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
Note 1 — Description of the Plan
The Huntington Investment and Tax Savings Plan (the “Plan”) is a defined contribution plan that was initially adopted by the Board of Directors of Huntington Bancshares Incorporated (“Huntington”) on September 29, 1977, to be effective January 1, 1978 to provide benefits to eligible employees of Huntington, as defined in the Plan document. Plan participants should refer to the Plan document for a more complete description of the Plan’s provisions. On December 13, 2000, Huntington’s common stock held in accounts of participants who elected to have all or a portion of their accounts invested in Huntington’s common stock were designated an Employee Stock Ownership Plan (ESOP). The ESOP forms a portion of the Plan.
Amendments — From time to time, the Plan has been amended and restated. The current restatement is effective January 1, 1997, unless the restated document provides another effective date. A First Amendment to the Plan was adopted October 16, 2002, to bring the Plan into compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and to effect other changes. EGTRRA changes were generally effective January 1, 2002.
Funding and Vesting — Eligible employees may enroll on the first day of the month following six months of employment and attainment of age 21. Participants may elect to make pre-tax contributions of up to 75% of their eligible compensation. Huntington will make a matching contribution equal to 100% on the first 3% of participant elective deferrals and 50% on the next 2% of participant elective deferrals. Participant and employer contributions are fully vested at all times.
Investment Options — Plan participants are permitted to direct pre-tax elective deferrals and employer matching contributions to any combination of 20 investment options, including Huntington common stock and a variety of investment funds. Huntington has the sole discretion to determine or change the number and nature of investment options in the Plan. An active participant may change or suspend pre-tax elective deferrals pursuant to the terms set forth in the Plan document.
Risks and Uncertainties — The Plan utilizes various investment instruments, including mutual funds and common stock. In general, investment securities are exposed to various risks such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes will materially affect the amounts in the financial statements.
Administration — The Plan administrator is Huntington. Portions of Plan administration have been delegated by the Plan administrator to a committee of employees appointed by the Board of Directors of Huntington. The Plan administrator believes that the Plan is currently designed and operated in compliance with the applicable requirements of the Internal Revenue Code (the Code) and the provisions of ERISA, as amended.

8


 

Participants are charged a fixed amount for administration of the Plan. All other administrative fees are paid from the general assets of Huntington.
Contributions — Employee and Employer contributions to participants’ accounts in the Plan are invested pursuant to the participants’ investment direction elections on file at the time the contributions are allocated to the participants’ accounts. Plan assets consist of shares of Huntington common stock and mutual funds and are held by the trust division of The Huntington National Bank (the Plan Trustee), a wholly-owned subsidiary of Huntington. The Plan Trustee purchases and sells shares of Huntington common stock on the open market at market prices. Additionally, the Plan Trustee may directly purchase from, and sell to, Huntington, at market prices, shares of Huntington common stock. The Plan Trustee purchases and redeems shares of mutual funds in accordance with rules of the mutual funds.
Benefit Distributions and Other Withdrawals — A participant may request that the portion of his or her account that is invested in Huntington common stock be distributed in shares of Huntington common stock with cash paid in lieu of any fractional shares. All other distributions from the Plan are paid in cash.
Distributions and withdrawals are reported at fair value and recorded by the Plan when payments are made.
Participants are permitted to take distributions and withdrawals from their accounts in the Plan under the circumstances set forth in the Plan document. Generally, participants may request withdrawal of funds in their account attributable to: (i) rollover contributions; (ii) after-tax contributions; and (iii) pre-April 1, 1998, Employer contributions. Employee pre-tax elective deferrals and post April 1, 1998 Employer matching contributions are subject to special withdrawal rules and generally may not be withdrawn from the Plan prior to a participant’s death, disability, termination of employment, or attainment of age 59 1/2. Certain distributions of Employee pre-tax deferrals may be made, however, in the event a participant requests a distribution due to financial hardship as defined by the Plan. Participants should refer to the Summary Plan Description for a complete summary of the Plan provisions. Participants may withdraw up to 100% of their account balances in the Plan for any reason after they have reached age 59 1/2.
Plan participants have the option of reinvesting cash dividends paid on Huntington common stock or having dividends paid in cash.
Participant Accounts — Each participant’s account is credited with the participant’s own contribution and an allocation of the Company’s contribution and Plan earnings. Investment income or loss is allocated to participant accounts based on proportional account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Plan Termination — Huntington intends to continue the Plan indefinitely for the benefit of its participants; however, it reserves the right to terminate or modify the Plan at any time by resolution of its Board of Directors and subject to the provisions of ERISA.

9


 

Note 2 — Significant Accounting Policies
Basis of Presentation — The financial statements of the Plan are presented on the accrual basis and are prepared in accordance with accounting principles generally accepted in the United States (GAAP).
Dividends and Interest Income — Dividends are recognized as of their ex-dividend date. Interest is recorded on an accrual basis when earned.
Valuation of Investments — Investments are accounted for at cost on the trade-date and are reported in the Statement of Net Assets Available for Benefits at fair value. The investment in Huntington common stock is valued using the year-end closing price as determined by NASDAQ. Mutual funds are stated at fair value as determined by quoted market prices, which represents the net asset value of shares held by the Plan at year end.
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts of assets and liabilities, and changes therein, reported in the financial statements. Actual results could differ from those estimates.
Note 3 — Investments
The following individual investments represent 5% or more of the fair value of net assets available for benefits as of December 31:
                 
    2007   2006
 
Huntington Bancshares Incorporated Common Stock
  $ 97,330,482     $ 159,356,387  
Vanguard Institutional Index Fund
    35,900,752       33,720,271  
Vanguard Wellington Fund
    35,257,379       31,773,995  
T. Rowe Price Mid-Cap Growth Fund
    34,930,175       28,961,221  
American Funds Europacific Growth Fund
    26,631,456       20,626,860  
Huntington Money Market Fund
    20,587,583       20,260,015  
Huntington Situs Small Cap Fund
    19,643,907       16,698,524  
The Plan’s investments (including investments purchased, sold, and held during the year) (depreciated) / appreciated in carrying value for the years ended December 31 as follows:
                 
    2007   2006
 
Huntington Bancshares Incorporated Common Stock
  $ (59,165,853 )   $ (808,256 )
Mutual Funds
    47,978       10,318,317  
 
Net (depreciation) appreciation
  $ (59,117,875 )   $ 9,510,061  
 

10


 

Note 4 — Party-In-Interest Transactions
Certain plan investments are shares of mutual funds managed by Huntington Asset Advisors, Inc, a subsidiary of the Huntington National Bank and held by the Plan Trustee, and therefore, qualify as party-in-interest investments.
The following table lists the fair value of party-in-interest investments at December 31:
                 
    2007   2006
 
Huntington Bancshares Incorporated Common Stock
  $ 97,330,482     $ 159,356,387  
Huntington Money Market Fund
    20,587,853       20,260,015  
Huntington Situs Small Cap Fund
    19,643,907       16,698,524  
Huntington Growth Fund
    14,486,934       8,690,364  
Huntington International Equity Fund
    13,344,531       8,873,305  
Huntington Income Equity Fund
    10,615,513       9,950,945  
Huntington New Economy Fund
    9,964,979       11,820,523  
Huntington Fixed Income Securities Fund
    8,454,860       7,619,949  
Huntington Dividend Capture Fund
    6,418,534       6,832,350  
Huntington Mid Corp America Fund
    5,961,015       5,311,380  
Huntington Rotating Markets Fund
    5,364,544       3,747,601  
Huntington Intermediate Government Income Fund
    2,565,177       1,491,867  
Huntington Macro 100 Fund
    1,493,724       1,694,964  
Huntington Short and Intermediate Fixed Income Fund
    1,467,914       1,366,374  
Costs and expenses paid by the Plan for administration totaled $278,777 for 2007 and $173,545 for 2006.
Note 5 — Income Taxes
The Plan obtained its latest determination letter dated December 13, 2002, in which the Internal Revenue Service stated the Plan, as then designed, was qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan has been amended since receiving the determination letter. However, Huntington believes the Plan is being operated in compliance with applicable requirements of the Code and related state statutes, and that the trust, which forms a part of the Plan, is qualified and exempt from federal income and state franchise taxes.
Note 6 — Terminated Participants
There were no amounts included in net assets available for benefits allocated to individuals who have withdrawn from the Plan at December 31, 2007 and 2006.

11


 

Note 7 — Huntington Acquisitions
On March 1, 2006, Huntington completed its merger with Unizan Financial Corp. (Unizan). In preparation for the merger, Unizan terminated its defined contribution plan on February 28, 2006. In accordance with the Plan documentation, former Unizan associates employed by Huntington subsequent to the merger were allowed to rollover account proceeds and any existing participant loans. Amounts were not material to the Plan.
On December 20, 2006, Sky Financial Group Inc. (Sky Financial) announced that it had signed a definitive agreement to merge with Huntington. The merger subsequently closed on July 1, 2007. The day before the merger with Huntington, the Sky Financial Group, Inc. Profit Sharing, 401(k) and ESOP Plan (Sky Financial Plan) was terminated. In October 2007, a favorable determination letter application was filed with the Internal Revenue Service (IRS) with respect to the termination of the Sky Financial Plan. Former Sky Financial associates employed by Huntington subsequent to the merger, with a combined six months of service, were allowed to contribute to the Plan starting July 1, 2007. These contributions were not material to the Plan.

12


 

Huntington Investment and Tax Savings Plan
Schedule H, Line 4i — Schedule of Assets (Held At End of Year)
December 31, 2007
                         
            EIN: 31-0724920
            Plan Number: 002
 
(a)   (b)   (c)   (d)   (e)
    Identity of Issuer, Borrower,   Description of investment including maturity date,        
    Lessor or Similar Party   rate of interest, collateral, par, or maturity value   Cost   Fair Value
 
   
Common Stock:
                   
*  
Huntington Bancshares
Incorporated
 
Huntington Bancshares
Incorporated Common Stock — 6,594,205 shares
  $ 106,173,021     $ 97,330,482  
 
   
Total Common Stock
        106,173,021       97,330,482  
   
 
                   
   
Mutual Funds:
                   
   
Vanguard Institutional Index Funds
  Vanguard Institutional Index Fund — 267,636 shares     31,053,058       35,900,752  
   
Vanguard Wellington Fund
  Vanguard Wellington Fund — 625,797 shares     33,767,935       35,257,379  
   
T. Rowe Price Mid-Cap Growth Fund
  T. Rowe Price Mid-Cap Growth Fund — 605,691 shares     32,579,854       34,930,175  
   
Europacific Growth Fund
  American Funds Europacific Growth Fund — 530,930 shares     24,256,889       26,631,456  
*  
The Huntington Funds
  Huntington Money Market Fund — 20,587,853 shares     20,587,853       20,587,853  
*  
The Huntington Funds
  Huntington Situs Small Cap Fund — 982,196 shares     20,047,320       19,643,907  
*  
The Huntington Funds
  Huntington Growth Fund — 965,164 shares     13,646,593       14,486,934  
*  
The Huntington Funds
  Huntington International Equity Fund — 905,741 shares     14,422,323       13,344,531  
*  
The Huntington Funds
  Huntington Income Equity Fund — 303,832 shares     11,744,535       10,615,513  
*  
The Huntington Funds
  Huntington New Economy Fund — 376,514 shares     11,782,923       9,964,979  
*  
The Huntington Funds
  Huntington Fixed Income Securities Fund — 399,752 shares     8,348,913       8,454,860  
*  
The Huntington Funds
  Huntington Dividend Capture Fund — 212,852 shares     7,286,657       6,418,534  
   
T. Rowe Price Small Cap Stock Fund
  T. Rowe Price Small Cap Stock Fund — 617,626 shares     7,038,699       6,113,052  
*  
The Huntington Funds
  Huntington Mid Corp America Fund — 365,482 shares     5,899,265       5,961,015  
*  
The Huntington Funds
  Huntington Rotating Markets Fund — 393,583 shares     5,236,970       5,364,544  
   
The Managers Funds
  Managers Special Equity Fund — 40,475 shares     3,395,525       2,600,943  
*  
The Huntington Funds
 
Huntington Intermediate Government
Income Fund — 244,535 shares
    2,505,594       2,565,177  
*  
The Huntington Funds
  Huntington Macro 100 Fund — 148,629 shares     1,712,549       1,493,724  
*  
The Huntington Funds
 
Huntington Short and Intermediate
Fixed Income Fund — 75,433 shares
    1,452,339       1,467,914  
   
 
                   
 
   
Total Mutual Funds
        256,765,794       261,803,242  
   
 
                   
   
Notes Receivable from Participants
 
$51,892 principal amount, interest rates of
6.25% — 9.50%; maturing in 2008-2011.
  $ 51,892     $ 51,892  
 
   
Total Investments
      $ 362,990,707     $ 359,185,616  
 
*   Indicates party-in-interest to the Plan.

13